Which of the following statements is correct?
A. The normal balance of accounts receivable is a credit.
B. The normal balance of supplies is a credit.
C. The normal balance of unearned revenues is a credit.
D. The normal balance of an expense account is a credit.
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A credit: ()
Always increases an account.
B. Is the right-hand side of a T-account.
C. Always decreases an account.
D. Is the left-hand side of a T-account.
Which of the following accounting principles prescribes that a company record its expenses incurred to generate the revenue reported? ()
A. Going-concern assumption.
B. Matching principle.
Cost principle.
D. Business entity assumption.
The difference between the cost of an asset and the accumulated depreciation for that asset is called ()
A. Depreciation Expense.
B. Unearned Depreciation.
C. Prepaid Depreciation.
D. Book Value.
External users of accounting information include lenders, shareholders, brokers and managers.
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